Pension Awareness Week 11th - 15th September 2023 Understanding what is going on with your pension and how your pension works is important.
Pension Awareness Week
Understanding what is going on with your pension and how your pension works is important. Pension Awareness is an industry wide campaign aimed at improving your knowledge about pensions. It is also about money in general, budgeting hacks and your general financial wellbeing.
Pension Awareness Week runs from the 11th -15th September this year and you can find more information about events, handy videos, articles and resources to help answer your pensions and money questions at www.pensionawarenessday.com
The Greater Gwent Pension Fund runs the Local Government Pension Scheme for members in the Greater Gwent area and are keen to engage with members to help them better understand their pension savings and the LGPS.
You will find some helpful articles about the LGPS, and services offered by other organisations to help you better understand your pension savings. These include staying in the scheme during financially tough times, organisations that can provide both pensions and money advice, pension scams and how to sign up to view your LGPS pension account online if you have not already done so.
My Pension Online
The Fund offers members the ability and flexibility to view their pension account online 24/7 with our My Pension Online service.
Setting up your online account couldn’t be easier 4 easy steps and same day access if we already hold your email address on your pension account.
Once you have registered to can view the details we hold about your and your pension account online, run your own retirement estimates, view your annual benefit statements, notify us of changes safely and securely through your My Pension Online account.
If you have not already signed up why not register today in 4 easy steps. Go to our website www.gwentpensionfund.co.uk and click on the My Pension Online link at the top right of our home page (if you are on a mobile device click on the three lines instead to bring up the menu)
Retirement Planning
MoneyHelper brings together money and pensions guidance in one place to make it easier and quicker for people to find the right help.
If you are just starting to think about retiring or about to retire you can visit the MoneyHelper Pensions & Retirement Page.
You can find guides about tax and pensions, how to much you might need in retirement, how to build up your pension, where to get impartial guidance and much more on their website.
If you are registered for our My Pension Online service you can see your annual benefit statements online. You can run your own retirement estimates using our pension projector with different dates and lump sum conversion options.
Cost of Living Crisis
With the rise in the cost of living recently you may find yourself struggling financially with rising energy, food and living costs.
Money Helper also provides free and impartial money guidance for people across the UK. This ranges from guidance about benefits to savings and everything in between. You can visit their website by clicking on the MoneyHelper logo above.
The national LGPS member website has recently published a Frequently Asked Questions (FAQ) on the cost-of-living crisis. You can view the FAQ online on their website by clicking on the picture below.
Beware of Pension Scams
Pension scams can be hard to spot. Scammers can be convincing and financially knowledgeable, with credible websites, testimonials and materials that are hard to distinguish from the real thing.
Scammers usually contact people out of the blue via phone, email or text, or even advertise online.
Scammers design attractive offers to persuade you to transfer your pension pot to them (or to release funds from it).
To help protect you from being scammed we have put together some resources for about pension scams on our Avoiding Pension Scams page.
The Financial Conduct Authority’s ScamSmart website has resources to help avoid pension and investments scams, register to check if an opportunity is a scam and how to report a scam to help others.
To help protect yourself from becoming a scammers next victim and losing a lifetime of savings in a moment here are some tips:
Don’t let a scammer enjoy your retirement!
If you’re suspicious then report it online or by contacting the FCA’s consumer helplines on 0800 111 6768.
Boosting your Pension
There are two ways that members can increase their pension in the Local Government Pension Scheme (LGPS).
Additional Pension Contributions (APCs)
APCs allow members to buy guaranteed extra pension for their pension account. The extra pension is paid in the same way as the rest of the pension built up in the pension account.
Currently, the maximum amount of extra pension that can be bought is £7,352.
You can find out more about APCs as well as an APC calculate to work out the cost of buying extra pension on our increase your pension page
Additional Voluntary Contributions (AVCs)
AVCs are separate pot from a members’ LGPS pension account that they can pay contribution into.
Members can choose how much to pay in and how the contributions are invested. The money will come straight out of your salary and if you are a taxpayer, you receive tax relief on the contributions which lowers the cost.
The AVC provider will invest the money for you.
When you retire in the future, you can use your AVCs to take a tax-free lump sum from the fund or you can buy an annuity. You can find out more about AVCs on our Increase your pension page
50/50 Section
The 50/50 section of the LGPS has been designed to help members stay in the scheme and continue building up valuable pension benefits instead of leaving the scheme altogether.
You still receive the same life cover and ill health protections but pay half your normal contribution rate to build up half the normal pension.
This gives you reassurance that even when times are financially tough, you can still save for your retirement.
After you have joined the 50/50 section you can move back to the main section at any time. There are also occasions when your employer must move you back into the main section such as during:-
You can find out more about the LGPS 50/50 section in our 50/50 section factsheet or you can download the 50/50 section joining form here
Survivor Benefits and Nominations
Members of the Local Government Pension Scheme (LGPS) get valuable life cover and financial protection for their family. There are two different benefits we could pay if you die a survivor’s pensions and a death grant lump sum.
For more information about these benefits visit our Survivor Benefits page.
The Greater Gwent (Torfaen) Pension Fund decides who to pay your death grant to, but we always try to follow your wishes and pay it to whoever you have nominated. Keeping your nomination details up to date is really important.
You can check or change your death grant nomination on your My Pension Online account.
You can also fill in an expression of wish for death grant form to update your death grant nomination. You can download the form on our website here
